Tokyo 2020 unveils new budget, spending unchanged at $12bn

Staff hold design pictures of the new National Stadium and sports complex for Tokyo 2020 Olympic games. Photo: REUTERS/Pawel Kopczynski

TOKYO – Tokyo 2020 organisers unveiled the latest version of the Games budget on Friday, keeping their estimate unchanged as they face intense pressure to keep costs down.

The latest budget for the Games stands at 1.35 trillion yen ($12.1 billion), unchanged in yen terms from the version announced this time last year.

Organisers have pledged the bill will not increase amid concerns that ballooning costs are putting off potential Olympic host cities.

“As many aspects of the Games have become more detailed, Tokyo 2020 has seen increases in some areas but has successfully reduced expenditures in other areas,” Tokyo 2020 CEO Toshiro Muto said in a statement.

“There is still a lot of work to be done to control expenditures, but with the cooperation of the IOC, Tokyo 2020 will continue to make best efforts to maximise revenues, contain costs and keep its budget within 600 billion yen” for the organisers, he said.

The city government will provide a further 600 billion yen and the national government 150 billion yen, both unchanged from the previous version.

Muto has previously said that measures to tackle the expected hot weather during the Tokyo summer - such as water sprinklers and special heat-absorbing paint on roads - could push up the bill.